The Monthly Update - July 2021

Did You Miss The Bus?

As New York City nears the 100 percent fully opened mark, the droves of COVID deserters are flooding back to New York City. We’re seeing the rental market rebound in a matter of weeks. The sales market is hitting unprecedented territory with a record-setting number of transactions and signed contracts each week. For example, the luxury market (homes priced at $4 million and above) just posted 21 straight weeks of 30 or more contracts signed. In fact, 80 percent of the listings that the Hoffman team has put into contract since January — that’s 84 closed transactions — have been for New Yorkers moving back into the city!

So, does that mean you missed the bus on COVID deals? Not necessarily.

Despite all the record-breaking transaction volume in the sale market, prices are stubbornly sticking to 2019 levels. And what is the 2019 level? The last high/sellers’ market was in 2015. The market headed into a steady decline from 2015 to the end of 2019, dipping down about 10 percent from the previous highs. So, if you’re buying something at 2019 levels, you’re still buying it at a good price! 

What’s different between 2019 and 2021? Competition. We're seeing fierce competition for those listings where the sellers were advised smartly and listened to their agents by pricing their properties accordingly. If the seller’s homes are priced at 2019 levels, they will probably put the property into contract in 3 to 14 days. However, if the seller priced at 2019 levels back in 2019, it could still take 30 to 60 days to put the property contract. The difference being demand — there wasn’t the same demand then that there is today.

The trick for catching the COVID bus, if you didn't purchase over the last eight months, is to look for properties that have been on the market for over 250 days. Those sellers might be anxious about selling, and you might get a better deal than on more recent entries to the market that are priced at a competitive 2019 level. In those new listings that are priced correctly, buyers will most likely see bidding wars. Meanwhile, the property that’s been on the market for over half will see little competition, and buyers might be able to secure a good price. Or, it could be that the seller is crazy and wants a higher price than what buyers are willing to pay, and that’s why it’s been on for 250 days! :-) 

Either way, it's a good idea to examine those lingering listings with your agent, as you never know what deal you could uncover. A savvy buyer’s agent like those on the Hoffman Team can help you navigate the “stale listings“ inventory and get the best deal from product that has most likely been forgotten about by the school of hungry piranha-like buyers out there in the bloodbath waters — better known as NYC the real estate sales market!

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Real Estate in the News

Luxury Home Sales Soar, Even Helping Houses That Languished on the Market for Months

Americans looking to buy a home have struggled with bidding wars and a limited number of houses for sale. 

But one area of the cutthroat real estate landscape is improving. It's the luxury segment, where listings are up and homes are selling at a rapid clip. The demand is so great that even "white elephants" – high-end homes that sat on the market for months before the pandemic began – are selling quickly as their owners willingly splurge on remodeling projects to spruce them up.

Read more on USA Today

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Local Events

Macy's 4th of July Fireworks

The 45th annual Macy’s 4th Of July Fireworks will illuminate the Big Apple skyline with an electrifying light show full of bursting colors, jubilant music & a feeling of positivity. 

This year, they’re honoring America’s everyday heroes from communities across the country & the resilient spirit within us all. It’s our way of looking ahead with renewed hope for a brighter tomorrow. More details here.

Bryant Park Picnic Performances

Broadway may still be dark for the summer, but just a few avenues down 42nd Street, live performances are returning in a big way to Bryant Park. The park’s Picnic Performances will be bringing 25 live, in-person events to the park, many featuring performers from the city’s top art institutions including Carnegie Hall, Jazz at Lincoln Center, New York City Opera, All of the outdoor concerts will be free and open to the public. Read more here.

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New York City Weekly Real Estate Update

New York City Weekly Real Estate Update

Luxury Market:

The luxury market ($4M and up) has tracked 21 straight weeks of over 30 contracts signed weekly. Negotiability is tightening up and days on market it is too; Average off asking price is 8% from listings that closed in April. It was 11% a year ago. Average days on market came down as well--from 601 to 503. :-)

Supply:

The Real Estate Board of New York’s RLS system, which is New York City’s “MLS“ system run by the Real Estate Board of New York, is going through a “migration” or system overhaul period. This "migration" has skewed the supply numbers a bit. Last week's overall supply came in at 7188, 6% higher than last week but that is a guesstimate until the RLS has finished its overhaul. However, we do know that there were 375 listings that came on the market last week. A high number especially for this time of year.

Pending Deals:

Grinding higher the total number of pending deals/signed contracts came in at 5541, 1% higher than last week. Weekly numbers show 353 going into contact last week. 6% higher than the week before. Overall contract signed numbers seemed to have been trending down over the last few weeks as the market historically does, but last week numbers were a big surprise, as buyers continue to push the market.

Historically, this time of year, signed contracts tend to trend down especially moving into July and August, which are typically the slower months of the season. 353 units going into last week shows that this market is still transactionally red hot.

With all these transactions happening, it begs the question about pricing. When we analyzed the price per square foot, medium prices and average pricing from the most recent closed data the closed numbers show current closed pricing at about 2019/2018 levels. This may change in a few months as more recent deals start to close and become public record, but for now, closed data shows the market trading at 2019/2018 levels.

All The Information On NYC Pride March 2021

Though it still won’t be entirely back to normal, the NYC Pride March is back for a mostly virtual event on Sunday, June 27th. “The Fight Continues” is the 2021 theme, and there will be many advocates from the LGBTQIA+ community participating in the March and other events. In addition, there will be celebratory performances and fun activities. Ahead, we’ve condensed all the info you need to know about NYC Pride and highlighted a few other great events.

THE THEME

NYC Pride’s 2021 theme is “The Fight Continues.” As the organization explains: “With the coronavirus pandemic still ongoing, issues of police brutality, the alarming murder rate for trans POC, economic hardship, climate disasters, violent efforts to disenfranchise voters, our rights as a community being questioned at the level of the Supreme Court, and more, we are in the midst of many different fights.”

THE MARCH

The famous Pride March will take place on Sunday, June 27. For the fifth consecutive year, there will be a live broadcast on ABC-7 from 12-3pm. (You can also watch on ABC7NY.com and ABC7 New York’s Connected TV Apps.) As of now, the event will be mainly virtual, but the organizers say there will also be “to-be-determined in-person elements.” The broadcast includes live performances, on-air interviews, and exciting street-side marching activity.

Following the broadcast, at 3pm, a virtual experience of the March will stream on NYC Pride’s Facebook and Youtube. The program will feature groups and organizations that would typically take to the streets for the annual NYC Pride March, with each segment highlighting one of this year’s five Grand Marshals.

The grand marshalls are:

Actor Wilson Cruz, who currently stars as Dr. Hugh Culber on the Paramount+ series Star Trek: Discovery. He has also appeared in the Netflix series 13 Reasons Why, in Hulu’s The Bravest Knight, and as Angel in the Broadway tour production of Rent. Wilson was the first openly gay actor playing an openly gay role on series television for his role as Rickie Vasquez on the ABC series My So Called Life. He is also an advocate for LGBTQ youth, especially youth of color.

• Ceyenne Doroshow, a compassionate powerhouse performer, activist, organizer, community-based researcher, and public figure in the trans and sex worker rights’ movements. She is the founder and executive director of G.L.I.T.S., whose mission is to approach the health and rights crises faced by transgender sex workers holistically using harm reduction, human rights principles, economic and social justice.

• Menaka Guruswamy and Arundhati Katju. Guruswamy is a Senior Advocate at the Supreme Court of India. She has defended government legislation that mandates that all private schools admit disadvantaged children and overturned section 377 of the Indian Penal Code that criminalized same-sex relations. Katju is an Indian lawyer who successfully represented the lead petitioners in Navtej Singh Johar and others v. Union of India, where the Court struck down India’s 157-year-old sodomy law.

• Dr. Demetre Daskalakis, who is the Director of the Center for Disease Control’s Division of HIV/AIDS Prevention. He has focused much of his career on the prevention and treatment of HIV and other STIs as an activist physician with a focus on LGBTQIA+ communities. He is also dedicated to improving the health of underserved communities and is passionate about addressing health equity and stigma in HIV by promoting “status neutral” service delivery and programming.

• Antiguan-American model Aaron Rose Philip, who became the first black, transgender, and physically disabled model to ever be represented by a major modeling agency in 2018. She’s actively worked towards an inclusive industry via her editorial features in i-D, Dazed, Vogue, Allure, and W magazines, in addition to campaign features in Moschino, Sephora, Marc Jacobs, and Calvin Klein.

OTHER EVENTS

There are countless virtual and in-person Pride events happening throughout the city, including many put on by NYC Pride. Here are some favorites:

The Rally
Friday, June 25 at 6pm; virtual
Community activists, organizers, artists, and more will come together for a virtual rally to take a stand against violence towards the LGBTQIA+ community and advocate for Black Trans Lives. The event will be hosted by Trans activist and author Hope Giselle and LGBTQ and gun violence activist Brandon Wolf.

Frontrunners Pride Run
Saturday, June 26 at 7am; Central Park
This year’s 40th Annual LGBT Pride Run has been transformed into a hybrid event. Partner NYRR will offer an in-person 6K (capacity is limited), as well as a Virtual 5K.

Youth Pride
Sunday, June 26 at 3pm; virtual
In 2019, during the first Youth Pride event, 10,000+ LGBTQIA+ teens came together for a day of performances, appearances, activations, and dancing at Central Park’s Summerstage. After a hiatus last year, the event is back in virtual format so young people everywhere can celebrate NYC Pride with their friends through musical performances, LGBTQIA+ center spotlights, DJ’s, and a special ballroom segment. The event will be hosted by influencers and activists Amber Whittington, creator of AmbersCloset, and Jorge “Gitoo” Wright. There will be performances and appearances by Brita Filter, Deetranada, Mia Lailani, Tarriona ‘Tank’ Ball, Alvin Ailey Dance Theater, Kate Gil, Citizen Queen, RAYE, Gotham Cheer, Serpentwithfeet, Aaron Rose Philip, Papi Juice, DJ Karaba, Devan Ibiza, and more.

PrideFest
Monday, June 27 at 11am; Greenwich Village
Back for its 27th year, this annual LGBTQIA+ street fair combines exhibitors, entertainers, food, and activities.

The Monthly Update - June 2021

The New York City COVID Market and Subsequent Rebound Shatters Records — Oh, how far we’ve come! 

After COVID ravaged New York last spring, the city entered Phase 2 of the reopening plan on June 26, 2020, which meant brokers could start limited showings again. But by that point, it seemed like no one was left in the city! Listings slowly started to come on to the market and then started growing and adding up (in a big way)! The first record COVID broke was the inventory record — total listings rose to 9,600 properties on-market, tying the last record-setting period in 2008, during the financial crisis. This time around, we were adding listings to the market at a breakneck pace from June 2020 to about October 2020 — but no one was buying! 

Until they were. 

Now, one year later, the tables have turned! Demand outweighs supply. We’re now in a market starved for listings (or at least malnourished). As of May 31, we currently have 7,230 listings on the market, which is on the lower side of historical averages for this time of year. To the U.S.  real estate industry as a whole, inventory shortages are nothing new. Nationwide, there was almost no hiccup for demand in the housing market during the height of the pandemic. In New York City, however, it was a different story, and industry pundits thought that COVID was the Armageddon Manhattan was “due.”

Just before COVID, NYC was coming off an almost four-year buyer market with prices descending about 10 percent from 2015 to the end of 2019. When the pandemic hit, the overall market was finally seeing a stronger buyer demand. Then COVID hit with thud and we saw prices descend even further. 

Or did it? 

After nothing was selling in the “COVID market”, today’s market has seemed to compound buyer demand into one single selling season. Pent-up demand from 2020 and renewed buyer interest in 2021 has created a frenzy I’ve never witnessed in my almost 20-year career. I started seeing buyer demand pick up in October 2020, and it just snowballed from there! 

COVID record-breaker No. 2 — We have over 5,200 listings in contract as of May 30, 2021. A number never recorded before. Other impressive stats include a luxury market with over 30 contracts signed every week for almost five-and-a-half months now! Yet another COVID record-breaker is the rental market. During the pandemic, there was a roughly 30 percent vacancy rate in Manhattan — a market that generally hovers around a 1 percent vacancy rate. And now, the rental industry is signing over 1,000 leases signed per week, which is on par with any robust summer season. 

So, what's to come? 

We all think we know the answer, but we’re all just guessing. I think activity will stay robust and remain in this snapback mode until Spring 2022. There could be a small lull this summer as vaccinated New Yorkers are turned loose and can finally travel! But then things should pick right back up again in the fall. If it continues at this pace, maybe, just maybe, the market will start to see prices begin to rise! 

But for now, we’re happy to see the high transaction rate of buyers purchasing new homes. The Hoffman Team has also set its own record this selling season with over $120 million in pending sales and closed contracts year to date. It’s an incredible, truly remarkable, head-spinning turnaround!

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Local Events

“Futures Ever Arriving”

Head to Chelsea Market for an exhibit featuring works from five emerging Asian American artists in honor of Asian American and Pacific Islander Heritage Month. Visitors can see the entire exhibit through a self-guided tour map with the locations of each piece marked throughout the main concourse. Read more HERE.

Sunset Jazz Cruise 

All aboard for a cruise at sunset set to live jazz, passing beautiful views of the city and the Statue of Liberty. As you sip your drinks, the Boat Band plays jazz standards live. Classic Harbor Line’s Live Jazz City Lights or Sunset Sail in NY Harbor starts Saturday, June 5th. 

See HERE for details and tickets.

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Lifestyle Tips & Tricks

Gardening for a Great Cause

Many people are facing food insecurity due to the economic impacts of the global pandemic. Did you know that many local food banks will take fresh produce donations? If you’re a gardener, consider growing a few extra plants and donating the surplus food - small, pandemic victory gardens can help fight a big problem. 

Use the hashtags #CreateFoodSecurity, #TheFoodSecurityProject as you share your growing gardens on social media! If you don’t have a green thumb, support The Food Security Project started by Compass Boulder Agents, Catherine & Andy Burgess.

30 Outdoor Bars That Will Tempt You to Sit and Sip

From pergola-covered and perched on a hill to open-air and oceanside, these outdoor bars are the ultimate destinations for at-home relaxation.

Courtesy of HGTV

50 Unique Father's Day Gifts for Every Type of Dad

Although your dad may say he doesn't want anything for Father's Day this year, you know that showing up without a present isn't really a possibility. After all, he's the guy you looked up to (quite literally) all these years, and it's only fitting to get him a Father's Day gift that shows just how much you appreciate him and all that he does for your whole family. Courtesy of Good House Keeping

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This New Mexican Restaurant Takes You On a Cruise Along The Hudson While You E.at

A new Mexican restaurant opened in Manhattan this week, but unlike most others, it’s not on land. La Barca Cantina is located on a three-story boat at Pier 81 off West 41st Street, and it will take short cruises throughout the day as guests enjoy Mexican-inspired street food, tequila, mezcal, and cocktails.

All photos courtesy of La Barca Cantina

According to operator New York Cruise Lines, La Barca Cantina is New York’s first and only floating Mexican restaurant. Also at Pier 81 is their sister restaurant, North River Lobster Company, the popular lobster shack also located on a boat.

The agave-based spirits–mezcal, tequila, sotol, and racilla–are the focus of the beverage menu, which includes flights for sampling. As for the food, the heart of the menu is a selection of tacos that includes classics like chicken, shrimp, and al pastor, as well as Tony’s Campechano, a combination of beef, pork, and roasted scallions discovered that Craig Kanarick, New York Cruise Lines’ CEO discovered while on explorations in Mexico City. Most of the rest of the menu is designed for snacking and sharing. For example, the Fiesta Platter is a giant boat filled with finger-foods, including a whole Mexican fried chicken, onion rings, jalapeño poppers, and a wide range of salsas.

All photos courtesy of La Barca Cantina

All photos courtesy of La Barca Cantina

The expansive outdoor top deck is, of course, the main draw, but there’s also a bi-level interior space with two additional bars and seating. Artist Tlisza Jaurique, the first woman of Mexican-American descent to exhibit at the Met, is creating a custom art piece for the restaurant.

La Barca Cantina is open Wednesday through Sunday (see website for exact hours). Guests can purchase a $10 boarding pass that is valid for sailings throughout the day online or in-person at the box office at Pier 81.

An Italian Spa With Outdoor Thermal Pools Will Open on Governors Island This Summer

All renderings courtesy of QC NY

A luxury European day spa will open on Governors Island this summer. From the same group behind Italy’s QC Terme Spa & Resorts, QC NY features outdoor thermal pools facing the Manhattan skyline, relaxation rooms, steam rooms and saunas, and a wellness-focused cafe. An official opening date has not been released but is expected to be announced soon.

The day spa will take up three landmarked buildings that were formerly used as military barracks and have since been renovated and restored. Landscaped grounds and the outdoor pools will surround the three spa buildings, which will take up more than 75,000 square feet.

All renderings courtesy of QC NY

QC NY will feature 20 water-focused “wellness experiences,” including a Vichy shower and a panoramic pool overlooking the New York Harbor. There will be “hanging rattan chairs” in the relaxation rooms, as well as saunas and steam baths.

The QC NY on Governors Island will be the first location outside of Europe. QC Terme Spas and Resorts was founded in 1982 by brothers Saverio and Andrea Quadrio Curzio, who were both inspired by the history of ancient Roman baths.

“QC NYC is the escape and pampering that New Yorkers have been waiting for,” Janine DiGioacchino, CEO of QC US, said in a press release. “After years of planning, restoration, and building, we are so proud to bring this enchanting oasis to the city. We truly believe this opening couldn’t come at a better time. Now, more than ever, we all need and deserve mental and physical self-care and our guests can fully relax and restore.”

The spa is just one part of a decade-long plan to transform Governors Island into a year-round community. When QC NY opens this year, it will become the Island’s first year-round commercial tenant.

Plans to bring a resort to Governors Island were first revealed in 2015, with the Landmarks Preservation Commission approving the application from Quadratec and The Colonnade Group in 2015, as Curbed NY reported at the time.

A rezoning of Governors Island is nearing approval following a vote by the City Council’s land use committee earlier this month. The rezoning calls for about 4 million square feet of development across 33 acres and will likely include a new climate change research center, in addition to mixed-use buildings and office space.

While a federal deed restricts residential development on Governors Island, student dorms and hotels would be permitted. Earned revenue generated through the rezoning will go toward Governors Island maintenance, property management, transit, utilities, and infrastructure, as 6sqft previously reported.

Governors Island reopened for the season on May 1. The 172-acre site is offering a “pre-pandemic season calendar,” with six full months of art exhibitions and programs available through October 31, unlike last year, which had a shortened season because of the pandemic.

All renderings courtesy of QC NY

10 Bleecker Street, Unit 1B - COMING SOON

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- COMING SOON -

10 Bleecker Street, Unit 1B

NOHO, NEW YORK

$3,150,000

3 Bed  |  2 Bath | Co-Op

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Beautifully planned and designed, this stunning three-bedroom, two-bathroom duplex offers maisonette privacy and co-op amenities in the perfect NoHo location.Furnished rental is an option!

Impeccably gut renovated to maximize its historic character, while adding modern conveniences and high style, this expansive loft residence offers airy living spaces under soaring 13-foot ceilings. Arrive on the upper level via your own private entrance — and take in industrial-chic concrete floors and sleek white art walls highlighted by an original column and beam. The great room provides a spacious and sunny space for living and dining, while the gleaming white-on-white kitchen offers top-notch appliances and a massive marble waterfall island. A rustic barn door reveals a luxurious master suite on this level lined with sumptuous wall coverings and clerestory windows. A huge, fitted walk-in closet attends to the wardrobe, and the en suite bathroom boasts floor-to-ceiling marble, with an oversized walk-in shower and a distinctive trough basin.

Downstairs, flawless wide-plank hardwood leads you to the expansive den/playroom. More columns, clerestory windows and barn doors provide architectural appeal, and bedrooms on this level feature large windows and stunning exposed brick. The full bathroom here dazzles with designer stone and an enormous clawfoot soaking tub. There's a massive storage room with in-unit washer-dryer and utility sink, and air conditioning units provide year-round comfort.

Set within the NoHo East Historic District, 10 Bleecker Street is a handsome Renaissance Revival structure built for commercial use in 1893. Its earliest occupants were garment businesses, novelty companies and tool-and-die firms. Converted to cooperative use in 1986, today's residents enjoy newly updated common areas, video intercom and virtual doorman technology, private storage lockers and bike room, laundry, and a large furnished roof deck with barbecue grills.

Located at where Elizabeth Street meets Bleecker, this building is at the intersection of Downtown Manhattan's best neighborhoods: NoHo, SoHo, The Bowery, Greenwich Village, the East Village and the Lower East Side. Famed Washington Square Park, Tompkins Square Park and Roosevelt Park provide ample green space; NYU is a stone's throw away; and the exciting Essex Crossing development is within easy reach. Transportation from this accessible neighborhood is a breeze with 6, B/D/F/M and N/R/W all nearby.

Get Your Own Slice of the Big Apple: Buying a House in Manhattan with Dylan Hoffman

Get Your Own Slice of the Big Apple:

Buying a House in Manhattan

by Lira Samanta
Posted onApril 19, 2021
5 min read

If you’re ready to buy a house in Manhattan, congratulations! Being able to afford a home in this swanky NYC borough means enjoying unparalleled access to the world’s preeminent nexus of culture, cuisine, architecture, and finance. Internationally renowned museums like the Met and MoMA, theater productions on and off-Broadway, and the culturally ubiquitous Central Park are all just a subway ride away for Manhattanites.

But getting to live in such a cultural epicenter means getting ahead of an exceptionally competitive real estate market. It’s no surprise that in a city with more millionaires than any other place in the world, the most desirable properties can go to contract in a matter of days. And if you’ve never experienced home shopping in a world of co-ops before, well, let’s just say it’s not as simple as finding and making an offer on your dream unit.

We interviewed real estate experts with decades of experience to help you win a bid on your own home in Manhattan’s hyper-competitive, fast-paced market.

Source: (Josephine Baran / Unsplash)

Know the price of a slice of a Manhattan apple

Despite the economic impact of the COVID-19 pandemic, the median home price in Manhattan was over $1.1 million in Q3 2020 — one of the highest in the country. Size, location, building type, and proximity to public transportation all factor into home prices.

Dylan Hoffman - COMPASS

Keep in mind that co-ops, which are housing cooperatives collectively owned by the residents, make up over 70% of the marketplace in 2021, while the rest of the housing stock is typically condos and townhouses.

“Condos cost 30% more on average than co-ops,” says Dylan Hoffman, a local agent with over 19 years of experience, who’s sold 37% more properties than the average New York agent. Hoffman notes that small studios in co-ops can start at $265,000 compared to $500,000 in condos. Studio apartments with an alcove for more space start at $650,000 in co-ops compared to $860,000 in condos. One-bedroom apartments in co-ops can start at $700,000 in co-ops compared to $1.2 million in condos.

Closing costs can range from 2.5% to as high as 6% of the sale price, so be sure to leave room in your budget for your attorney and real estate agent, as well as for filing fees and other required deposits.

Prioritize your metropolitan must-haves

Though cosmetic upgrades like fresh paint and new furnishings can be appealing, don’t forget to prioritize your requirements.

“I always tell buyers to look at what you can’t change,” says Hoffman.

“Are you facing an avenue or a street? Do you have a view of a beautifully manicured garden of the townhouse behind or of a brick wall? Are you across the street from a bus station or from a park?”

If you plan to use the subway to get around, make sure you also assess the distance of any homes you’re considering from your most frequently used subway lines.

Painting and refacing cabinets in your new home are doable, but if you’re eager to make bigger home improvements after your purchase, know that many buildings only allow a few units to be renovated at a time. Getting the necessary approvals can take up to four months, so plan for this ahead of time.

Inspections & attorneys

The standard contract for co-ops and condos specifies that the seller must provide a unit in working order, which means that heating and plumbing systems, as well as appliances, must be ready for use as soon as you move in.

Buyers of homes in smaller buildings (with between 5 and 10 units) pay a larger percentage to cover the cost of building upkeep, compared to those who purchase a home in a high-rise. Jean Chou, the principal attorney at JLC & Associates, advises her clients who buy in smaller buildings to schedule their own inspections as part of the homebuying process.

Hiring an attorney, which is a local convention in New York, eases the burden of buyer due diligence on an entire building’s amenities, including elevator updates and hot water service.

Attorneys also help you understand the scope of future upkeep. “Whenever we look at the building’s financials, we get a sense of whether or not the building has those extra reserves and if there is a significant capital improvement that will be needed,” says Chou.

Source: (Dollar Gill / Unsplash)

Challenges to buying your slice of the apple

Unlike other cities, the standard contract for co-ops and condos usually prevents homebuyers from having to worry about typical challenges like mold, termites, or other issues revealed by an inspection. However, cash offers are not uncommon in Manhattan, and knowing how to compete with these is key.

Sellers appreciate cash offers because of their faster timelines, as there’s no need to wait for a mortgage loan. But working closely with your agent allows you to determine what else matters to the seller, like the timing of the deal, or possibly the opportunity to rent back the unit for a few months while they figure out their own next move. A top agent will help you remain competitive even in a cash market.

Flood zones in the city?

You may be wondering what it means for you if your new home is in a FEMA flood zone.

Most homes sold in Manhattan are part of a larger building, and as the building itself may have flood insurance, you may not need coverage of your own. Your mortgage lender will assess the overall coverage and advise on whether you’ll need to purchase flood insurance, particularly if you’re buying a unit on the ground floor of a building.

How to make an offer

When it comes to making a competitive bid on a Manhattan home, “Price is king,” says Hoffman. He also emphasizes the importance of having a complete offer, including a completed REBNY financial form issued by the Real Estate Board of New York, and a preapproval letter from your bank.

Another step that can give you an edge is to write a personalized letter to the seller describing your dreams for your life in your new home. “Sellers love that,” says Hoffman. “They’re so emotionally engaged in their home — they have so many fond memories!”

A powerful letter outlining how you plan to carry on the traditions in this home that were dear to the seller in their years of life there can even help you win a bid against a buyer with a slightly higher offer.

Chou stresses the importance of assembling a good team early on, even before you make an offer: “Not just the right attorney but the right agent and the right mortgage banker or loan officer, ideally as soon as possible, even as you’re starting the search process.

“Things move really quickly here,” says Chou. “A lot of times, it’s not unusual for a homebuyer to submit an offer, and they’re being asked to wire over 10% within a week” for an earnest money deposit.

Be sure you have members on your team who you can trust on an expedited timeline so you’re not grappling for resources with only days left to spare.

Source: (Steve Strang / Unsplash)

The lay of the land in Manhattan

Where to start looking for a home in a borough that has over 50 historic neighborhoods? Some areas popular with home buyers in recent years are:

Upper East Side

The Upper East Side is known for upscale shops and restaurants, as well as the Museum Mile, a long stretch of museums including the Guggenheim and the Metropolitan Museum of Art.

Upper West Side

Bounded on the east by Central Park, the Upper West Side is a primarily residential area and is quieter than some other neighborhoods.

Gramercy

Gramercy is a quiet neighborhood with fewer tourists and is home to the exclusive Gramercy Park.

West Village

Beautiful brownstones and an abundance of cafés and bookshops characterize West Village, which was also the site of the famous Stonewall Uprising in 1969. The legendary Magnolia Bakery got its start here.

Chelsea

Chelsea boasts a plethora of art galleries. It is also home to High Line Park, a unique public space built on top of a historic, elevated rail line. And if you’re an avid concert-goer, Madison Square Garden is just a short walk away.

Greenwich Village

Film connoisseurs need look no further than the IFC Center, a theater that shows the best independent films from all over the world. Greenwich Village is also where the Washington Square Outdoor Art Exhibit takes place in the spring and fall.

NoHo

NoHo is a residential neighborhood with bohemian vibes, where celebrities like Cher and Britney Spears have had homes. Residents enjoy NoHo’s upscale bars, restaurants, and cafés.

SoHo

SoHo, known for its high-end restaurants and boutiques, is one of Manhattan’s premier shopping destinations. It’s also known as the Cast Iron District for its abundance of historic cast-iron buildings.

TriBeCa

A view of the Hudson River adds to this neighborhood’s appeal, as does the annual Tribeca Film Festival which takes place in the spring.

Source: (XPS / Unsplash)

Tips for buyers in Manhattan

Typically, the market is most active in the spring, followed by the fall after Labor Day. However, buying during off-peak seasons can pay off.

“I’ve sometimes had my busiest months in December,” says Hoffman. “I also don’t leave the city in June, July, and August. There could be a really good opportunity to have less competition because the seller who didn’t sell in the spring needs to move the property, so you might get it for a better price.”

Why use a top agent to buy a house in Manhattan?

Manhattan remains one of the most competitive housing markets in the U.S.; it’s consistently in demand.

A top agent will have the know-how to negotiate concessions in your contract, which in Manhattan apply almost exclusively to new developments. It’s possible to get as much as 25% off of the asking price in the form of HOA fees, transfer taxes, and storage lockers. Top agents help buyers save an average of $23,000 when purchasing a home. (That’s a lot of Broadway tickets you could be buying!)

Ready to begin your search? Find a top real estate agent in Manhattan through HomeLight to stay competitive in your Manhattan home buying search.

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Header Image Source: (Florian Wehde / Unsplash)

Lira Samanta - Contributing Author

Lira Samanta is a freelance writer specializing in creative writing, personal motivation, and technology topics. She spends a lot of her spare time curating her Airbnb wishlist and dreaming about building her own She Shed. Using her economics and data science chops to study trends in real estate prices, she is always excited to find a great deal.

Weekly New York City Real Estate Report

Weekly New York City Real Estate Report

Luxury Market:

37 contracts were signed in the lux-market last week. A slight decline from the previous 4 weeks, but still a strong showing.

Supply:

Last week overall supply came in 3% lower at 7067 total units on the market. 414 units came on the market last week, which was roughly 25% lower than the week before. This might trigger some to think that the active season is winding down, but it’s most likely just a blip and supply should surge again next week. Good press about the vaccine/masks, requirements, press about a "hot" market, better weather and buyer demand will pull sellers to bring inventory on the market.

Pending Sales/Signed Contracts:

The parabolic move of signed contracts continues to astound those of us in the industry. 5124 units are now under contract. 393 contracts were signed last week-- for the first time in over a month signed contracts are under ludacris mode (400+ units signed in a single week) but it’s still extremely strong showing and only down 4% from the previous week. This has to beg the question: how long can this be sustained.

Transaction/Liquid Market:

This is not a price driven REsurgence in the market. We’re not seeing prices jump 30% like we’re seeing with signed contracts. Essentially, the current market has  made up the Covid discount and pricing is at (roughly) 2019 levels. It’s not at 2015/16 levels, which was the height of the last sellers market. In the coming months of summer, when inventory could continue to come on the market but demand lessons, this surge could start to flatline. It will be interesting to see how the supply and demand, tug-of-war, plays out this summer.

Broadway is Coming Back on September 14, Tickets On Sale Now

In a press conference today, Governor Cuomo announced that tickets for future Broadway shows will go on sale on May 6, as performances are expected to resume at 100 percent capacity on September 14. All of New York City’s 41 Broadway theaters closed on March 12, 2020, due to the Covid pandemic. “Broadway is at the core of our New York identity, and a big part of our economy which employs countless performers and show creators, and beginning this September, the show will go on,” the governor said.

Photo by Sudan Ouyang on Unsplash

Earlier this week, the governor announced a near-full reopening of New York on May 19. On this date, restaurants, stores, gyms, salons, amusement parks, and offices can reopen at 100 percent capacity for the first time in 14 months. Two days prior, the subway will resume 24/7 service. As we explained, “The six-foot social distancing guidance from the Centers for Disease Control and Prevention will remain in effect at these places, which could still limit capacity depending on the space available.”

Theaters were included in the state’s earlier announcement, but because of the time it takes to prepare for a Broadway show, it’s long been speculated that these theaters would wait until the fall to reopen. When Broadway shut down 14 months ago, 31 productions were running, including eight new shows in previews and eight in rehearsal.

Charlotte St. Martin, president of the Broadway League, which represents theater owners and show producers, previously said: “With nearly 97,000 workers who rely on Broadway for their livelihood and an annual economic impact of $14.8 billion to the city, our membership is committed to re-opening as soon as conditions permit us to do so.”

In a press release today, the Broadway League said that many Broadway producers will begin to announce anticipated reopening dates this week on a show-by-show basis. “Ticket sales will resume subject to [the] continuing improvement of public health and vaccination rates, as well as the state’s final approval of each theatre operator’s health and safety protocols,” they explain.

When asked how the seating will work and if attendees will have to show proof of vaccination, Governor Cuomo said that is still being worked out. However, he also announced today that starting May 19, both New York City baseball stadiums will be able to increase capacity to 100 percent for vaccinated people and 33 percent with six-foot distancing for unvaccinated people. There will be two separate seating sections, both of which will require fans to wear masks. He did say that he thinks it would be more difficult to have separate sections in a Broadway theater.

Those wishing to learn more and purchase tickets can visit Broadway.org.

$348M Restoration of Riverside Park is Part of Largest Park Investment in 90 Years

The city announced this week plans to provide $348 million in funding for the rehabilitation of major infrastructure in Riverside Park, marking one of the largest investments at the waterfront park since the 1930s. The project restores the “overbuild,” a series of bridge structures built over the Amtrak tunnels between West 72nd and West 123rd Streets. The deteriorated structure has damaged pathways and affected the park’s usability, according to the city.

“A recovery for all of us means investing in our green spaces,” de Blasio said. “Riverside Park is a New York City gem and I’m proud this investment will keep the park going strong for generations to come.”

Underneath the park is a man-made structure built in the 1930s that covers Amtrak train tunnels below ground. The outdated infrastructure and drainage systems have resulted in bad flooding, possibly impacting the tunnel, also known as the Freedom Tunnel, below ground.

The three-mile Freedom Tunnel was first built by Robert Moses 90 years ago to expand park space for Upper West Side residents. It was used for freight trains until 1980 when its operations stopped. As 6sqft previously reported, the tunnel later became a place of shelter for homeless New Yorkers and served as a blank canvas for graffiti artists. The tunnel reopened in 1991 for Amtrak use.

According to the Riverside Park Conservancy, “failures” in the overbuild structure have damaged pathways, limited access for vehicles, and “created a condition of disrepair” in the park. Additional details and a timeline are expected to be released during the design process, but the city expects to need to conduct additional inspections and temporary stabilization work.

The new funding adds to the $300 million already invested by the de Blasio administration for projects at the park, including the reconstruction of the West 79th Street Rotunda and Boat Basin and new pathways and staircases throughout the park. An additional $11.5 million has been invested in updating the park’s drainage systems.

“The City is committing well over half a billion dollars to restoring Riverside Park’s structural core, the largest investment in the park since the 1930s,” Dan Garodnick, President of Riverside Park Conservancy. “This enormous investment in the park’s fundamental infrastructure will ensure it is there for New Yorkers to enjoy for generations to come.”

Constructed between 1937 and 1941, Riverside Park features a unique four-level design and offers several spots for recreational activities. It was designated a scenic landmark by the Landmarks Preservation Commission in 1980.

The Monthly Update: May 2021

Are there still good deals to be had in the New York City post-COVID market?

It’s no secret that the New York City real estate marketplace is back. And back in a big way. The luxury sector is breaking records, and mid-level properties are seeing huge transaction numbers. But there are still facets of the market that are lagging, and that’s where the best deals can be found.

The Rental Market:

The mass exodus of New York City residents took a huge toll on the rental buildings and landlords, who make up almost 60 percent of the city’s total housing market. The rental market was reeling by late June 2020, and vacancy rates soared to a staggering 30-40 percent. With people renegotiating rental rates 25 percent to as high as 50 percent off of their previous rents, nobody thought the rental market would recover – at least anytime soon. But rentals have already begun to bounce back. There were a few weeks last month where the market signed over 1,000 leases in a one-week period. Those are stunning numbers! The kind of numbers usually reserved for a typical summer market. But overall, pricing is still 25 to 30 percent off from pre-pandemic levels, and there are still impressive deals to be had in rentals. It’s a segment of the market that is still clawing its way back, and it probably won’t be at 100 percent again until sometime mid- to late-spring 2022. The rental market needs a full reopening and a return to universities and offices. It needs Broadway, movie theaters, restaurants, bars, nightclubs and everything that makes New York City great. The rental market is reliant on that, so it’s going to take some time yet.

The Sub-$500,000 Market:

The lowest end of the price spectrum is a market segment where buyers can secure significant discounts — if you make a move today! As in, right now! Like renters, the first-time buyers typical in the sub-$500,000 market tend to be very Manhattan-focused. They are rarely found in their small studio or one-bedroom and spend the bulk of their days and nights enjoying New York City to the fullest. Right now, this buyer pool is renting at a 30 percent discount or enjoying huge returns in the stock market on what would’ve been their down payment into a purchase, or they’re lingering on the sidelines for whatever reason. The stock market is delivering 20 percent returns on their would-be down payments, so why pull it out? They may even be paying half as much renting their current space than if they bought it, so why pull the trigger on a mortgage? But, looking at the bigger picture, purchasing that $325,000 studio that sold for $425,000 just last year would be a great way to create equity quickly and make their way up the apartment ladder to their dream unit in record time.

While Manhattan real estate is breaking records weekly – there are still facets of this market that buyers and renters can take big advantage of if and when they return to the city. They are trickling back already and will do so in droves soon as Mayor De Blasio has set his sights on a full reopening of the city by July 1. So act now if you still want to take advantage of a rare and rapidly recovering market.

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Local Events

Macy’s Flower Show 2021

May 2-16, 2021

Macy’s (socially distanced) 2021 Flower Show theme is "Give. Love. Bloom, a Floral Celebration of Fortitude." The two-week exhibition of exotic flowers & plants from around the world returns to transform Macy’s Herald Square in New York City into a breathtaking floral extravaganza. Learn more here.

Governors Island Activities

Governors Island will officially open to the public starting May 1, ringing in the start of the fun outdoor season in NYC. Ferry trips will be free to seniors, public housing residents, children and those with an NYC ID card. All month long the island will be hosting events including  "glamping" and 5K and 10K races. Learn more here.

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Lifestyle Tips & Tricks

Sell your home faster and for a higher price.

Compass Concierge is the hassle-free way to transform your home with zero upfront costs or interest. I'll work with you to determine how we can maximize the value of your home by taking advantage of select Compass Concierge Services. With Concierge, you do not have to pay the initial out-of-pocket costs for home improvement services like painting, staging, flooring, and more.

Learn how you can maximize the value of your home.

Design Ideas to Try Now

From budget hacks to easy updates, these creative home ideas from HGTV Magazine are sure to spiff up your space. Test a few or try 'em all! Your next weekend project is waiting for you. Courtesy of HGTV

DIY Mother's Day Gifts Mom Will Love

Nothing says thoughtful giving like a homemade gift, especially on Mother’s Day. Anyone can buy a card and a fresh bouquet, but why not get a little crafty with these DIY Mother’s Day gifts made just for her. Courtesy of HGTV

10 Delightful and Delicious Things to Plant in May

April showers may bring May flowers, but May planting brings tasty summer crops. Tomatoes, zucchini, eggplant, and peppers are just a few of the delightful veggies we dream of as soon as September rolls around, and May is the perfect time to start planting your favorites for a season full of hyper-local dining alfresco. Courtesy of Veranda

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531 Main Street, Unit 426

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531 Main Street, Unit 426

ROOSEVELT ISLAND, NEW YORK

$1,100,000

2 Bed  |  2 Bath | ~1,364 SqFt.

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Peaceful, waterfront living and gorgeous bridge views await in this sunny two-bedroom, two-bathroom home with private outdoor space in Rivercross, Roosevelt Island's most revered co-op.

Spanning approximately 1,364 square feet, this spacious and bright home drinks in sunlight and gorgeous East River views thanks to walls of south-facing windows. A gracious foyer invites you into the expansive living room, where you'll enjoy a generous footprint for seating and dining areas. Relax and entertain indoors, or step onto the oversized balcony for al fresco dining overlooking the adjacent courtyard, river and 59th Street Bridge. The roomy pass-through kitchen accommodates dinner for one or a dozen with ease thanks to custom cabinetry, a pantry, abundant counter space and stainless steel appliances, including a gas range, dishwasher and built-in microwave.

The sprawling owner's suite boasts plenty of space for a king-size bed and home office area, plus a walk-in closet and an en suite bathroom. The second bedroom delivers balcony views and direct access to the guest bathroom. Three additional closets, including another walk-in, mean storage will never be a problem in this exceptional Roosevelt Island home.

Rivercross is a handsome, well-maintained postwar co-op offering 24-hour doorman and concierge service, live-in superintendent, a playroom, bike room, two large laundry rooms, a two-level state-of-the-art fitness center, saunas, a sun deck and a glorious 60-foot-long atrium swimming pool. Monthly maintenance includes heat and air conditioning, electricity, gas and water.

On serene and secluded Roosevelt Island, you're surrounded by beautiful waterfront recreation and skyline views. Lovely parks sit alongside an array of local shops and services, including a Starbucks, drug and grocery stores, banks, performance spaces, a New York Public Library and the fantastic new Cornell Tech campus. The iconic Roosevelt Island tram, F subway train and the Roosevelt Island Ferry Terminal provide effortless access to the rest of the city and beyond.

307 Clinton Avenue

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307 Clinton Avenue

BROOKLYN, NEW YORK

$2,650,000

7 Bed  |  4 Bath | ~3,000SqFt

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Don't miss this outstanding investment opportunity in centrally located Clinton Hill! The spacious two-family dwelling is currently configured with four income-producing rentals featuring great natural light and prewar architectural detail.

This 25-foot by 60-foot brick building welcomes you with a charming front garden, dormer window and a covered porch flanked by ionic columns. Inside, the first floor features a stunning two-bedroom, one-bathroom residence filled with beautiful wood floors and trim. Formal living and dining rooms flow to a large, windowed kitchen, while a side yard welcomes outdoor lounging and entertaining. Two large bedrooms enjoy backyard views and easy access to a full bathroom. The two-bedroom, one-bathroom second-floor apartment boasts a similar layout with excellent storage. Above, you'll find an attic studio, while the beautifully finished basement features a split two-bedroom floor plan, tile floors and access to the 30-foot by 100-foot lot's expansive backyard.

307 Clinton Avenue is a neo-Georgian style semi-detached house designed in 1922. Located on a stunning tree-lined block in the Clinton Hill Historic District, within easy reach of Fort Greene and Downtown, this building is surrounded by the best of Brooklyn's fantastic dining, shopping and cultural offerings, including the Pratt Institute, BAM, Atlantic Terminal and Barclays Center. Local parks, playgrounds and beloved Fort Greene Park provide wonderful outdoor space minutes away. Transportation options are abundant with G and C trains, excellent bus service and CitiBikes nearby.

The Monthly Update - April 2021

What an Incredible Month for NYC Real Estate!

March and April seemed to indicate New York City real estate is more than ready to come back to life.  Inventory throughout March held steady at just over 7,000 units. Even though a record 1,400 units came onto the market, demand did not let supply inch up much more than one point during any given week last month. We also saw over 300 contracts signed a week leading to over 1,400 completed contracts for the month. 

During that time, the luxury market (properties priced above $4 million) led the charge with more than 30 signed contracts a week stretching back to February!  In Manhattan specifically, there are over 4,000 units currently in-contract.  Another feat never accomplished — or at least not in a long, long time.

Why is the market responding like this now? There are a few theories:

* Pent-up buyer demand. The real estate market was completely shuttered for an entire quarter last year. It then spent the whole third quarter licking its wounds. Q4 started to hear the rumbling of hungry buyers. After all that time off, it's almost like there are two buyer's markets right now, including prospective buyers from 2020 added to the buyers for 2021. With no traditionally bustling spring market last year, many theorize that those homebuyers are back in the market now. 

* Interest rates are still super low. Money is currently very cheap to borrow. 

* People are moving back to the city. Over 1,000 leases were signed in the last week of March, a figure usually reserved for July and August,  the busiest months in the “normal” rental market. Expect this trend to continue as vaccination rates increase. 

* The stock market. The market is creating so much cash and wealth in New York City right now that some say it's overheated. But many people are driven by the confidence it stirs, and they are putting money down on real estate. 

*COVID pricing is still out there. The pandemic's effect on pricing is the primary reason we're currently in one of the hottest market trajectories of all time.

Prices didn't really rise in March or April but transactions have increased. Even though the price delta from the last listing price to closing price shrunk from about 10 percent to about 7 percent, it's lower pricing that has attracted buyers and pushed contract signings to such unprecedented levels. 

Brooklyn is in bidding wars and Manhattan is seeing a huge influx of buyers who are eating up supply...We could be on the cusp of a record-breaking year for Manhattan real estate so get ready!

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Compass is honored to announce that we have been named the #1 independent and #2 overall brokerage in the U.S. by sales volume. See the top 500 here.

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Local NYC Events

Take In A New Light And Sound Show At Union Square!

Blindness, a new Off Broadway performance is set to take over the Daryl Roth Theater in Union Square starting April 2. The socially-distanced sound and light experience will feature "state of the art design that unveils the gripping story of a world changed forever, reminding us that from the darkness, we will all emerge stronger."

Buy Tickets Here

Watch Flicks In The Tribeca Film Festival

Robert De Niro and co.’s Tribeca Film Festival has long shown a spotlight on local indie features, documentaries, foreign films, the latest from big-name talent and the greatest from up-and-coming filmmakers. Time Out New York has your complete one-stop-shopping guide to this year’s festival: must-see picks, showtimes, ticket info, a list of nearby bars and restaurants and oh-so-much more.

Buy Tickets Here

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Radio City Music Hall Is Getting A Rooftop Park And Skybridge

A skybridge that leads to a landscaped rooftop park is coming to Radio City Music Hall. The Landmarks Preservation Commission on Tuesday approved plans from G3 Architecture Interiors Planning and Tishman Speyer to construct a simple pedestrian bridge clad in statuary bronze that would connect the building at 1270 Avenue of the Americas to the planned roof garden atop the historic theater, which will be amenity space for Rockefeller Center tenants. Interconnected green terraces were part of the original architectural vision for the Rockefeller Center complex and this project, which be called Radio Park, will finally bring the plan to fruition.

Historic renderings of Rockefeller Center complex proposal shows rooftop gardens and a skybridge; Courtesy of the NYC Landmarks Preservation Commission

Located within the Rockefeller Center complex, Radio City Music Hall opened in 1932 with designs by the Associated Architects and Donald Deskey. The city designated the building as an interior and individual landmark in the late 1970s.

Both the new garden and skybridge are not novel ideas for the iconic complex. As envisioned in the 1930s by architect Raymond Hood and landscape architect Ralph Hancock, Rockefeller Center already has existing roof gardens, as seen at 610 and 620 Fifth Avenue and 1250 Avenue of the Americas.

In a 1934 article, The New York Times called Hood a “pioneer in the treatment of building roofs” for putting thought into the long-forgotten tops of towers, as well as the office workers looking down on them.

“The view from the tower window of Radio City–and the privileged towers of the blocks adjacent–will look down not upon the dirty-brown cluttered waste of unrelieved ugliness which is the roof view of New York, but upon a picture to which art and nature have contributed color and design with a note of gayety,” Hood once said, according to the article.

Rendering courtesy of Tishman Speyer

According to the architects, access to the rooftop park would be possible through 50 Rockefeller Center and from the newly constructed skybridge to be built from the 10th floor of 1270 Avenue of the Americas. The architects plan to remove existing windows on the east side of 1270 Avenue of the Americas and convert them to doors and remove existing limestone cladding and aluminum spandrel, which will be stored for reuse.

The new bridge will feature a medium-bronze finish panel cladding, glass railings, and lights also in bronze that will be located between panels. The lighting will also be found throughout the garden, illuminating its pathways.

Courtesy of the NYC Landmarks Preservation Commission

Measuring 24,000 square feet, Radio Park will feature paved and landscaped areas, pathways, pavilions, and plenty of seating and lounging areas. Notably, neither the skybridge nor the garden will be visible from street level, a major factor in the LPC’s approval on Tuesday.

The commissioners expressed excitement for the project, both for its nod to the historic vision of Rockefeller Center as well as what it could mean for the future of New York City and its recovery in the aftermath of the pandemic. “What a great affirmation this is, not just for Rockefeller Center, but for our city during this time,” LPC Commissioner Frederick Bland said of the project.

EB Kelly, who manages Rockefeller Center for Tishman Speyer, said during Tuesday’s hearing that COVID-19 has highlighted the importance of outdoor space for New Yorkers and sees the rooftop park as a way to bring office workers back to the complex.

Manhattan Board Community 5 recommended approval for the project and Kelly Carroll of the Historic Districts Council testified in favor of the proposal. “There is both historic and current precedent for rooftop use within the Rockefeller Center complex and the proposed skybridge makes more roof access possible,” Carroll said on behalf of the HDC. “The insertion of the bridge within existing masonry openings is sensitive and this application is totally appropriate.”

According to a spokesperson for Tishman Speyer, the rooftop park is expected to open in the fall of 2021 and will be available to those working in Rockefeller Center and their guests.

“As we continue to reimagine our physical spaces and the experiences we can offer at Rockefeller Center, we are thrilled that the Landmarks Preservation Commission approved our proposal, which dates back to the earliest days of Rockefeller Center’s conception,” a spokesperson for Tishman Speyer said in a statement to 6sqft. “During this time when outdoor access is important, it is especially meaningful to be able to provide an additional 24,000 square feet of green space at the Center.”

The rooftop garden is the latest plan from Tishman Speyer to address the needs of New Yorkers in a new post-COVID era. Last April, Landmarks approved plans to restore the connection between the concourse and the sunken plaza, an element included in the original plans for the historic Midtown site. The project will reclaim a path for pedestrians around the plaza, while also creating a better connection to the concourse, as 6sqft previously reported.

The Monthly Update - March 2021

What A Roller Coaster!

 Nobody thought that at the end of February and the dawn of the spring market that inventory would be diminishing, but that's exactly what we're seeing. Buyers are snatching up homes as soon as they come onto the market and last summer's COVID slowdown seems to be a distant memory. 

While pricing is still a key factor in how quickly things will move, buyers are definitely on the hunt and ready to purchase. We were seeing 15, 18, 25 people at open houses by appointment. Of course, not all properties sell in one weekend.  It can still take 30 to 45 days for buyers to cycle through listings before they make the offer but they are making offers and that's a far cry from six months ago (when we tied the recorded high total inventory volume). Today, inventory is shrinking, and it's buyers who are initiating the push.

That said, no one knows if this momentum will continue. As we move deeper into the spring market and more and more homes are listed, it remains to be seen if buyer's appetites will continue to consume that much product. But, something tells me the Manhattan marketplace (and New York City as a whole) is on the verge of roaring back. The luxury market is responding like it hasn't in half a decade. Which is a huge relief!

If you look at the bigger picture, before COVID, the real estate market gradually declined between 2015 to the end of 2019. We were just starting our cyclical climb back up when COVID hit. So, it feels like we're starting now where 2019 left off. The real estate market just forgot about 2020 and is jumping right into 2021! At least as far as activity is concerned. 

No one knows what the future will bring, but I can tell you that it appears to be quite bright. Everybody in the industry is buzzing with transactions, deals, and energy so be sure you contact me to get in the game before you miss the boat! 

Coney Island Amusements Can Reopen in April!

Looking ahead to warmer months, Gov. Andrew Cuomo on Wednesday said outdoor amusement parks, indoor family entertainment centers, and overnight summer camps in New York will be allowed to reopen. If the state’s coronavirus positivity rate continues to trend downward, indoor entertainment centers can reopen starting March 26 at 25 percent capacity, outdoor amusement parks and rides on April 9 at 33 percent capacity, and eventually, overnight summer camps in June.

All facilities that plan to reopen must submit plans with health protocols to the local health department. Customers will be required to have a health screening and temperature checks and face coverings and social distancing will be mandated. More specific details for sleepaway summer camps will be released by the state’s Department of Health in the coming weeks.

Indoor entertainment centers, which Cuomo has not yet laid out which businesses fall into this category, and amusement parks must disinfect high-touch areas throughout the day, have staff enforce compliance, and sell timed tickets in advance. If attractions cannot ensure distancing or frequent sanitation, they cannot reopen.

“With continued decreases in the infection and hospitalization rates, we have been able to take steps toward beginning our post-COVID recovery and we are excited to now be in a place where we can bring back our recreational industries with safety protocols in place,” Cuomo said in a statement. “As we’ve said time and time again, our success will be dictated by our actions and as long as we stay united and keep carrying this momentum forward in a positive direction, we will be able to see more and more sectors of our economy reopen.”

Coney Island amusements can finally reopen in April

The announcement is especially good news for outdoor amusement parks, which remained one of the few industries in the state unable to reopen since the start of the coronavirus pandemic. Even last August as bowling alleys, gyms, indoor museums, and cultural institutions were permitted to reopen at limited capacity, outdoor rides and attractions remained closed.

Coney Island amusement operators have urged Cuomo to release reopening guidelines since last summer, but until Wednesday, there has been little information from the state, except that amusement parks are a “unique risk” for spreading COVID-19.

Caitlin Girouard, a spokesperson for the governor, told Politico last August: “Places of public amusement remain closed under current State policy as they present a unique risk for transmission of coronavirus due to the high-traffic, high-touch, shared machinery and equipment, and opportunity for congregation.”

Last summer was meant to be a big season for Coney Island, following a $13 million renovation of Luna Park and the 100th-anniversary celebration of Deno’s Wonder Wheel. In January, Council Member Mark Treyger, who represents Coney Island, wrote a letter to Cuomo that laid out ways to reopen the outdoor park for the 2021 season, which typically begins on Palm Sunday.

“While indoor activities such as casinos, gyms, museums and spa services reopened to the public during the summer, the state refused to lift the ban on outdoor amusements, eliminating any opportunity for the businesses to operate during the peak tourist and visitor months,” Treyger said, as the Brooklyn Eagle reported. “It is reported widely that this past season resulted in an estimate of at least $100 million in revenue loss for the Coney Island amusement district.”

As New York’s COVID-19 data continues to trend in the right direction, Cuomo has announced a number of reopening plans. This month, the subway will resume some overnight service, indoor dining returned, the curfew at restaurants and bars was extended, and large arenas and stadiums will reopen to fans.

$70M Plan To Build Manhattan’s First Public Beach

What at first appeared a lofty dream is now closer to reality. The Hudson River Park Trust on Thursday announced three requests for proposals for the construction of Manhattan’s first public beach. The project includes a 5.5-acre public park on the Gansevoort Peninsula in the Meatpacking District that would be home to a resilient “beach” with kayak access, a sports field, scenic lounge spots, and a large public art installation.

Credit: James Corner Field Operations, courtesy of the Hudson River Park Trust

The site, located on the western end of Little West 12th Street and what remains of 13th Avenue, formerly served as a parking lot for the city’s Department of Sanitation. In 2019, the Hudson River Park Trust tapped James Corner Field Operations, the team behind the High Line and Domino Park, to design the new park.

The park at Gansevoort Peninsula will include a sandy beach area with kayak and small boat access, a lawn, a seating area north of the waterfront, a sports field, a dog run, lounge chairs, and a salt marsh with native grass and plantings.

On the southern end of the park, the Whitney Museum of American Art is currently constructing David Hammons’ Day’s End art installation. With its open, skeletal structure, the publicly accessible artwork is an ode to an earlier work created by Gordon Matta-Clark on Pier 52. Gansevoort Peninsula will be the largest single green space in the four-mile-long Hudson River Park, according to the Trust.

Credit: James Corner Field Operations, courtesy of the Hudson River Park Trust

“Gansevoort Peninsula will be a spectacular public space for all New Yorkers, whether they’re enjoying Manhattan’s first public beach, playing on the ballfields, or looking out in the salt marsh,” Madelyn Wils, president of the Hudson River Park Trust, said. “As Hudson River Park moves closer to completion, we are excited to be in position to start construction on one of our signature projects this coming spring.”

The $70 million project is being funded by the city and restricted funds to the Trust. Construction was initially expected to begin last year, but like most development projects, the coronavirus pushed the start date to later this spring with a completion date of 2023.

Hudson River Park’s Pier 26 opened last September and includes 2.5 acres of indigenous plants, recreation fields, and an impressive man-made rocky tidal marsh, and a cantilevered walkway. Forthcoming projects included Little Island at Pier 55, which has a spring opening date, Pier 57 with Google as the anchor tenant, Pier 97, and the reconfiguration of Chelsea Waterside Park.

“We are thrilled that the Trust is continuing to build on the success of the recently opened and very popular Pier 26 with the redevelopment of Gansevoort Peninsula,” Deputy Mayor Vicki Been said. “The creative and unique design will add to New York City’s diverse and ever-growing selection of world class parks and community spaces. The City is proud to invest in expanding open spaces for New Yorkers and moving the Hudson River Park one step closer to completion.”

Jerry Seinfeld, Fran Lebowitz Among Other Celebs Making New COVID PSAs For The MTA

Photo by Jenna Day on Unsplash

Jerry Seinfeld, Edie Falco, Cam’ron, Debbie Mazar, Whoopie Goldberg, Fran Lebowitz–these are just a few of the 25 New York celebrities whose voices were recorded by the MTA for a new set of subway PSAs. The announcements, which begin today, are meant to bring humor and some good old-fashioned NYC swagger to the subway as the city begins its recovery. The project was done in collaboration with Nicolas Heller, a talent scout who has gained notoriety for his popular Instagram account New York Nico. “This was such a dream project and I wanna give a huge thanks to my team who helped make this whole thing happen in less than 6 weeks with $0,” he wrote in a post today.

According to the MTA, the project was conceived to bring “a dose of authentic New York swagger into the system” and to provide “a morale boost and some much-needed humor for customers returning to the system as New York begins to recover from the pandemic.”

The full campaign will include roughly 50 recordings, and this first phase will run for about a month at 400 subway stations, thousands of subway cars, and close to 4,500 buses.

In a statement, Heller said:

This is such an honor for me. Mass transit is the cultural lifeblood of our city and partnering with the MTA to bring some joy into the system after the most challenging year imaginable is the least I can do to help with the system’s broader recovery. The city’s subways and buses–and the range of characters who ride them–have always been central to my work and I’m so grateful that I could help bring some of the most recognizable voices of iconic New Yorkers to the system. The members of the MTA workforce have braved the pandemic and heroically moved essential workers throughout the pandemic. This is for them.

All of the celebrities involved in the project were asked to infuse their personalities into the recordings while putting an emphasis on mask-wearing and social distancing. The full list of 25 participants is:

Cam’ron

• Whoopi Goldber

• Young M.A.

• Jerry Seinfeld

• Edie Falco

• Bowen Yang

• Awkwafina

• Angie Martinez

• Bob the Drag Queen

• Debi Mazar

• Michael Rapaport

• Jadakiss

• DesusNice

• The Kid Mero

• MaliibuMitch

• Dave East

• FivioForeign

• Pat Kiernan

• Angela Yee

• Peter Rosenberg

• Ilana Glazer

• Michael Kay

• Eric Andre

• Abbi Jacobson

And if you’re still working from home, the MTA has put together the clip above and provided some sample scripts here:

Whoopi Goldberg: Hey, it’s Whoopi Goldberg. Please remember to always wear a mask on the train and in the station. And remember to wear it the right way. Do your part to help stop the spread of COVID-19 and keep our city safe. ‘Cause, honey, everybody wants to go out. Okay? Thank you.

Jerry Seinfeld: Hi this is Jerry Seinfeld. Please do your best to practice social distancing on the train and in the station. Staying 6ft apart is not only a great way to keep our city safe—think how much you’ll save not needing cologne. Thanks, New York.

Edie Falco: Hey New Yorkers—Edie Falco here. Getting a seat on a crowded train can feel like winning the lottery, but please be courteous. Offer your seat to someone who may need it more than you. And please wear your masks—let’s make courtesy the only thing that’s contagious on the train. Thanks, New York.

Cam’ron: Ey yo check it out it’s Harlem’s own Killa Cam. Look—I don’t care if you from uptown, downtown, Harlem, Switzerland, wherever. I don’t care if you a chicken or a duck. And you know what? Covid don’t care either. Are you wearin’ a mask? Ya, well is it covering your mouth and nose? Then good, you’re doing great. Remember not only wearin’ a mask is the law—it’s the right thing to do.

Awkwafina: Showtime! Just kidding, New York. It’s your girl, Awkwafina. And no, I’m not here to do sweet dance moves or swing around a pole. Bummer, I know. But, I am here to give you an important reminder: please wear your mask at all times while on the train or in the station. Actually, just wear it whenever you leave the house. Thanks for helping to keep New York City safe, and have a great day.